Master of Science (M.Sc.) Economics pot

| 1 | Master of Science (M.Sc.) Economics AIMS, OBJECTIVES AND LEARNING OUTCOMES Specific aims of the M. Sc. Economics Degree are given below: (i) Development of sound theoretical knowledge of the subject. (ii) Application of economic theories and enhancing problem solving ability. (iii) Coverage of new areas of specialization, as per market needs. (iv) Preparation for advanced studies leading to M. Phil. and Ph.D. (v) Training to produce quality teachers, researchers and policy makers. (vi) Dissemination of comprehensive knowledge focused at applied and quantitative economics. (vii) Equip the students with postgraduate level knowledge and skill comparable to the top standards at national institutions. ADMISSION CRITERIA Admission will be made on the basis of the criteria and of preference given in the Admission Regulations of the University of the Punjab. Eligibility criteria for admission in M.Sc. Economics are as given below: Eligibility ● B.A./B.Sc. at least second division with a minimum of second division marks in Economics as an elective subject. OR ● B. Com. at least second division with a minimum of second division marks in Economics papers. Order of Preference: Admission against all seats will be made according to the following order of preference: First B.A./B.Sc./B. Com. First Annual Examination 2012 and Second Annual Examination 2011 Second B.A./B.Sc./B. Com. First Annual Examination 2011 Third B.A./B.Sc./B. Com. First/Second Annual Examination 2010 Basic Criteria: One fourth of total marks obtained in Matric plus one fifth of total marks obtained in Intermediate plus total marks in B.A./B.Sc./B. Com. plus 20 marks for Hafiz- e-Quran to be included where applicable. Admission criteria are the same for morning and afternoon (Replica) programmes. Same courses are offered for both programmes. Distribution of Seats (Merit) ● For B.A./B.Sc. Graduates 55 ● For B.Com. Graduates 5 ● For candidates with PGDAE (PU) 9 | 2 | Note: Fifty percent seats are reserved for applicants having graduated from colleges affiliated with the University of the Punjab, Lahore. (a) The applicants on extra curriculum seats must fulfill the basic criteria of admission of the Department of Economics. (b) The applicants with O level and A level must produce the equivalence certificate from the appropriate institution with their application. MERIT DETERMINATION For B.A./B.Sc./B. Com. Basic criteria plus marks in Economics out of 200 in B.A./B.Sc./B. Com. plus one-fourth of marks in Statistics or Mathematics (elective or optional), whichever is higher. Those applicants who have studied Mathematics and Statistics as a 100 marks (combined) subject in B. Com. will also have one-fourth of their marks in these subjects added to their merit. For PGDAE Holders (Seats). Basic criteria plus total marks obtained in PGDAE out of 1000. STRUCTURE OF COURSES The new curriculum consists of contents of compulsory and optional courses, teaching and evaluation methodology. The number of courses has been enhanced, keeping in view the changes in market demand for economists. In the new curriculum not only the contents of the courses have been updated but also new emerging economic issues and latest reading material has also been added. While preparing courses, special attention has been paid to enhance quantitative ability and application of knowledge for solving economic problems. It is expected that the curriculum will, hopefully, meet national and international standards and challenges. The students have been provided a wider choice to choose from over forty courses. The students will be required to take 48 compulsory and 18 optional credit hours; consisting of a variety of courses under semester system. The compulsory courses have been revised and increased in number to cope with the new market demand. International Trade and Finance course has been made compulsory, with special focus on WTO and other recent developments. It was neglected in the past which now-a-days is highly important because of new wave of globalization, liberalization and other emerging changes in the world. Besides, computer application, applied economics and econometrics have also been made compulsory. The burden of courses has been divided on equitable basis, upon two years consisting of four semesters. The areas of specialization have also been increased to provide training in all major and important areas. The most demanding and new areas for specialization have been introduced, which provide applied knowledge for new emerging jobs at national and international level. Now students can specialize in over 20 areas. For specialization, students have to take at least two courses in each area of specialization. The students can also opt for specialization in economics and finance. Each student must specialize in two areas; for which they also have to pass comprehensive examination. The contents of the core areas have been divided into two courses. The first course provides basic knowledge and trains students to handle advance courses. The aim is to | 3 | prepare students for advanced studies. Thus, students having an ability but failure to get a chance for grooming will get a second chance and time to make up their deficiencies and cope with the advanced material, after completing first semester. Special attention has been paid while preparing contents and chalking out teaching methodology focused to discourage short cut methods of study to just obtain degree without gaining sufficient knowledge of the subject. Special focus of applied courses is to provide practical training so that students are well trained and they can compete in the open market. There are four courses, which are applied in nature and require research. It distinguishes M.Sc. degree from M.A. in Economics offered in different institutions. Keeping in view the above, teaching methodology has been proposed which may be adopted in each course; depending upon the nature of courses and facilities available in the department. To ensure quality education, all modern electronic and other relevant facilities are provided in the department. Besides, for practical training and knowledge, study trips/tours to the industrial sector, stock market, policy formulation and implementation institutions/departments and research organizations is a part of the curriculum. Such tours will be arranged by the Department during the conduct of relevant courses. COMPULSORY AND OPTIONAL COURSES The core compulsory and optional courses are given below: Compulsory Courses Course Code Courses Credits Econ-500 Microeconomic Theory 04 Econ-600 Microeconomic Analysis (Pre-requisite, Econ-500) 04 Econ-601 General Equilibrium and Welfare Economics (Pre-requisite, Econ-500) 03 Econ-510 Macroeconomic Theory 04 Econ-610 Macroeconomic Analysis (Pre-requisite, Econ-510) 04 Econ-505 Islamic Economics 03 Econ-520 Mathematical Economics-I 03 Econ-521 Statistics for Economists 03 Econ-530 Development Economics: Theory and Application 03 Econ-540 International Trade Theory 04 Econ-550 Econometrics: Theory and Application-I 04 Econ-615 Research Methodology and Computer Application 04 Econ-690 Seminar in Applied Economics and Term Paper 04 Econ-695 Comprehensive Examination Optional Courses Macroeconomics Econ-511 Monetary Theory and Policy 03 Econ-611 Dynamic Macroeconomics 03 | 4 | Industrial and Labour Economics Econ-501 Managerial Economics 03 Econ-502 Industrial Organization 03 Econ-503 Industrial Economics and Game Theory 03 Econ-525 Labour Economics 03 Quantitative Economics Econ-620 Mathematical Economics-II 03 Econ-650 Econometrics: Theory and Application-II 03 Development Economics Econ-531 Sustainable Economic Development 03 Econ-532 Population and Economic Development 03 Econ-630 Economic Development Policy: Issues and Current Debate 03 Econ-631 Human Resource Development and Management 03 International Economics Econ-640 International Finance 03 Econ-641 WTO and International Trade 03 Public Sector Economics Econ-512 Public Sector Economics 03 Econ-552 Investment and Project Appraisal 03 Agriculture and Resource Economics Econ-580 Agricultural Economics 03 Econ-680 Production Economics 03 Financial Economics Econ-554 Corporate Finance 03 Econ-555 Money, Banking and Finance 03 Economic Thought and Comparative Economic Systems Econ-574 History of Economic Thought 03 Econ-576 Comparative Economic System 03 Other Courses Econ-570 Environmental Economics 03 Econ-571 Political Economy and Global Order 03 Econ-572 Regional Economics 03 Econ-573 Economic Principles and Techniques of Marketing 03 Econ-590 Internship in Economic Application 03 Econ-592 Independent Study 03 Econ-691 M.Sc. Thesis (In lieu of two optional courses) 06 | 5 | OFFERING OF COURSES IN EACH SEMESTER As per availability of faculty, the following courses will be offered in each semester: Semester I Course Code Courses Credit Hours Econ-500* Microeconomic Theory 04 Econ-510* Macroeconomic Theory 04 Econ-520* Mathematical Economics-I 03 Econ-521* Statistics for Economists 03 Econ-505* Islamic Economics 03 Sub Total 17 Semester II Course Code Courses Credit Hours Econ-550* Econometrics: Theory and Application-I 04 Econ-615* Research Methodology and Computer Application 04 Econ-530* Development Economics: Theory and Application 03 Two optional Courses 06 Sub Total 17 Semester III Course Code Courses Credit Hours Econ-600* Microeconomic Analysis 04 Econ-610* Macroeconomic Analysis 04 Econ-540* International Trade Theory 04 Two Optional Courses 06 Sub Total 18 Semester IV Course Code Courses Credit Hours Econ-601* General Equilibrium and Welfare Economics 04 Econ-690* Seminar in Applied Economics and Term Paper 04 Two optional courses or M. Sc. Thesis 06 Econ-695* Comprehensive Examination Pass/Fail Sub Total 14 Grand Total 66 *Compulsory courses. | 6 | DURATION OF THE PROGRAMME (i) Total duration of the programme will be of two academic years, i.e. four semesters; each semester consisting upon 18 weeks. A student has to complete 66 credit hours to become eligible for M.Sc. degree. Besides 75% attendance in classes is mandatory, otherwise, student will not be allowed to sit in the terminal examination. (ii) Migration of students will be acceptable as per university rules and subject to fulfilling admission criteria as well as satisfaction of the departmental admission committee. The admission committee may conduct written test and viva voce examination for this purpose. Students may transfer credits from other HEC recognized institutions, upon approval of the admission committee of the Department. For this purpose student must have at least B grade in the course(s). TWO OPTIONAL COURSES OR THESIS (06 Credits) M.Sc. thesis will be of 06 credits in lieu of two optional courses. Evaluation of thesis will be done by a Committee consisting of Chairman of the Department of Economics, thesis Supervisor/Advisor and external examiner, appointed by the Dean. The student must defend his/her thesis. Students and teachers may attend the defence, with the permission of the Chair. In viva voce examination, questions may be asked relevant to the thesis and other courses pertaining to economic theory, current national and international economic issues. GRADING SYSTEM (as per University Grading System, subject to change) Percent Marks Letter Grade Grade Points 85 and above A 4.00 80-84 A– 3.70 75-79 B+ 3.30 70-74 B 3.00 65-69 B– 2.70 61-64 C+ 2.30 58-60 C 2.00 55-57 C– 1.70 50-54 D 1.00 Below 50 F 0.00 Withdrawal W Maximum possible Grade Point Average is 4.0 DEGREE REQUIREMENTS The students shall complete the following requirements for the award of degree: 1. A student must have a proper admission in the programme of the Department and should have earned a minimum of 66 credit hours for M.Sc. Economics. In addition to compulsory courses, students must pass two courses each in two areas of | 7 | specialization. Students may add/drop courses as per announced dates by the Department of Economics. A student must obtain 50% marks to pass a course. 2. If the students opt for M.Sc. thesis, he/she must: (i) Submit approved research proposal in due course of time. It must have been approved by the concerned quarters. (ii) Submit approved thesis (in lieu of two optional courses), within the time limit. Other university rules will apply. 3. A student must pass comprehensive examination at the end of fourth semester. Minimum Cumulative Grade Point Average (CGPA) for obtaining M.Sc. Economics degree is 2.00. TEACHING METHODOLOGY The courses have been designed keeping in view background of students entering into the M.Sc. Economics programme. The new students are given a chance to take refresher courses of the subject matter and to provide them some time to improve their academic deficiencies. The courses offered in the first semester are foundation courses. It will enable them to handle advanced material. Thus, the courses in the first semester are meant to prepare students for advanced studies. These courses will be taught keeping in view the level and background of the students. Therefore, teachers may introduce mathematical and other advanced techniques to teach advanced courses. The medium of instructions will be English. There will be a need to use electronic devices for effective delivery of material for certain courses. In addition to above, it is recommended that there must be at least one seminar in each semester. Some of these seminars may be delivered by a team of students. Students must be given two assignments each month to make sure that they have covered the reading material. The instructor may not deliver lecture on the same topic, if he/she thinks that the seminar has covered the literature at the required level. However, it may be followed up by homework assignments, which must be focused upon problem solving, estimation of models and review of literature; as per relevance of the course. It is strongly recommended that, if possible, during the coursework at least two /three seminars must be arranged on current/important topics, which may be delivered by eminent experts/economists. The seminars may be followed by homework, which may reflect whether students have absorbed the material, for example, it may consist of a summary of the lecture and its critical review etc. Planning for the seminars must be done in the beginning of the course and announced within the first two weeks of the session. Students are expected to observe high standards of ethics and moral values. Tutorial classes are held for this purpose and counseling is provided so that students can cope with their problems. The aim of tutorial classes is to improve the personality and moral values of the students. It is also focused to improve the personality of the students, general knowledge and career. The tutorial classes will be mandatory; bi-weekly or at least once in a month. In the tutorial classes, students must be given a chance to share their academic and other problems. Other discussions may include ethical, moral, national, International and social welfare orientation activities. The focus must be on development of personality of the students and patriotism. | 8 | ASSESSMENT STRATEGY To assess whether students have gained and absorbed sufficient knowledge of the subject, it is important to evolve appropriate strategy and techniques to test the students. The student must maintain minimum grade point average as per university rules. The following strategy has been evolved to provide guideline for evaluation: (i) A clear mechanism for evaluation is announced and provided in writing to the students at the beginning of the course/ semester, i.e. along with course outline which is provided in the first week of the beginning of the course. (ii) To ensure full coverage of the reading material, periodical homework/assignments are assigned and duly evaluated. These assignments may be given proper weightage in the final internal evaluation/awarding marks. (iii) Two types of seminars and workshops shall be held during the courses. The seminars will be arranged for each course by the department. (a) by experts, other than the teacher concerned. It must be followed by homework assignments. (b) by a group of students or individuals to train them for teaching and reproducing the material absorbed. Unfair Means Cases The teacher-in-charge will report unfair means cases to the Chairman who shall place those before Departmental Examination Committee for necessary action under the rules. The Chairman can visit and inspect any examination and take action for unfair means cases. The Committee will decide unfair mean cases as per university rules. RE-SIT EXAMINATION The students who cannot appear in part or whole of examination of a semester because of valid excuse/reason as approved by the Chairman, Department of Economics, shall be allowed to appear in re-sit examination within one week after the examination subject to the payment of special examination free of Rs. 1,000 for each course. If the number of courses is more than 2 then a lump sum fee of Rs. 2,500 shall be paid as special examination fee to the Department. RULES OF PROMOTIONS 1. At the end of the each semester a student must obtain a minimum Grade Point Average (GPA) of 2.00 to be promoted to the next semester. 2. In case a student is able to obtain GPA of 1.70 or more but less than 2.00, except first semester where GPA of 1.50 or more but less than 2.00, he/she will be promoted to the next semester on probation (1 st probation). If the student does not achieve desired CGPA 2.00 but obtains CGPA greater than or equal to 1.70 will go to 2 nd (last) probation. The candidate who fails to secure 1.50 GPA in the First Semester or 1.70 CGPA in the subsequent semester(s) shall stand automatically dropped from the rolls. 3. At the end of the each semester (from second semester to the second last semester), a student must obtain a minimum Cumulative Grade Point Average (CGPA) of 2.00 for | 9 | promotion to the next semester. Every student will have the right to avail probation twice in the following semesters. 4. A student has to obtain CGPA 2.00 in the last semester of each programme for the award of degree. 5. In the third semester, a student will be required to repeat those courses of first semester in which he/she had failed. 6. In the fourth semester, a student will be required to repeat those courses of second semester in which he had failed. 7. If a student gets D grade(s), he/she can repeat the course(s) when offered to improve his/her grade(s). The student who completes all courses and interested to improve D grade(s) he/she shall be allowed to improve D grade(s) within the allowable period (number of years) of two additional years (four semesters). 8. A student, who completes all the courses and has not been required to repeat any course(s), obtains CGPA less than 2.00 but not less than 1.90 at the end of the 4 th semester in case of 2 years M.A./M.Sc. may be allowed to repeat 12 credit hour courses (varying from 2 to 4 credit hours) in which he/she had obtained the lowest grades, in order to improve the CGPA so as to obtain the minimum of 2.00 CGPA failing which he/she shall not be awarded degree and removed from the rolls of the Department. 9. In case a student repeats the course(s) for the improvement of grade(s) which he/she has already taken, the better of the two grades of the course(s) will be counted for CGPA calculations. EVALUATION SYSTEM 1. The teacher is responsible for the evaluation of work/performance of the students of his class and for the award of grades to them on the basis of such evaluation. 2. The number and nature of tests and assignments depends on the nature of course. However, in case of taught courses there will be at least one home assignment, sessional works and two tests (Mid Semester and Final Examination) in each course with the weightage as under: A. Assignments 25% B. Mid Semester 35% C. Final Semester 40% To pass a course, student must obtain ‘D’ grade (50% marks) cumulative in mid-term and final semester examinations and in Assignment out of assigned marks. 3. The mid-term examination shall be after eight weeks of the commencement of the semester. The final examination shall be held at the end of the 17 th week, i.e. during the 18 th week. 4. In view of the weightage for the various examinations the duration of the papers will be as follows: (i) Mid Semester Examination One and half hour (ii) Final Semester Examination Two hours | 10 | 5. Examination should be held on consecutive days excluding holidays. The schedule of paper showing to the students shall be displayed along with the examination schedule by the teacher. DEPARTMENTAL EXAMINATION COMMITTEE As per University rules departmental examination committee is formulated. Constitution of Committee. The Department has an Examination Committee comprising of the following: ■ Chairman of the Department ■ Two/three senior most faculty members / coordinators of different programmes ■ The concerned teacher may be co-opted in case of complaint of a student. The functions of the Committee are: (a) Ensure content coverage of courses by comparing tests with the course outline and work plan provided by the teacher. (b) Monitor classroom activities as outlined in the course outline. (c) Examine all problems regarding uniformity before the declaration of results. (d) Address and dispense student complaints. (e) Address UMC cases and make decisions under the semester rules. The decision of the Committee shall be final. BRIEF INTRODUCTION OF COURSES Detailed contents of courses are available in the Department. Students are advised to get a copy of these courses. Microeconomic Theory This course aims at providing comprehensive knowledge of consumer, firm, and market theory and their applications. In this course, the students are expected to develop deductive reasoning and comprehend classical methodology pertaining to models of consumer behavior, firms’ decision making, perfect and imperfect market structure, general equilibrium analysis, uncertainty, risk analysis, game theory, and welfare economics. Special importance is placed on developing problem solving skills to the issues related to microeconomics. It is expected that the course would enable its participants to comprehend major microeconomic models which will help in business decision making. Prerequisite for this course is Principles of Microeconomics theory and intermediate level calculus. Macroeconomic Theory The main objective of this course is to familiarize students to the fundamental theories and basic models in macroeconomics. The course is covered in two parts. The first part consists of topics such as national income and its determination, consumption, savings and investments, demand and supply of money, and aggregate demand and supply. The topics [...]... pertaining to fundamentals of Islamic thoughts It focuses on, among others, the contributions in development economics of Abu Yousaf to debate on good governance and functioning of market system of Ibn-e-Khuldon Major topics in this course are Islamic models of finance, banking systems, welfare and distribution of income, zakat and social justice, and current process of Islamization of economic system in... economies Prerequisite for this course is Principles of Macroeconomics theory and intermediate level calculus Mathematical Economics The aim of this course is to equip students with the basic mathematical tools that are useful as an approach to economic analysis Participants of this course would approach the fundamental theories of micro -economics and macro -economics using mathematical models In particular,... OPTIONAL COURSES AND SPECIALIZATION Major objective of these courses is to provide training in nearly all those areas of economics which are of significant importance as per market demand All the courses cover state -of- the-art material in the respective areas A wide choice of selection comprising sixteen courses and more than ten areas of specialization is offered Students can choose optional courses according... international economics It is divided into two parts The first part covers the trade theory, and the other international finance Emphasis in this course is on the rigorous treatment of traditional and current trade and exchange rate theories and models Models of gains from trade, pattern of trade, international flow of factors of production, trade related competitive theories, liberalization reforms, balance of. .. basic knowledge of holy Qura’an, Hadith, Shariah and economic theory | 11 | Development Economics: Theory and Application This is a course about the understanding of the economies popularly known as developing countries In this course, students are introduced to the conceptual meaning of economic development while distinguishing it from economic growth and the common characteristics of developing countries... economic theories to solve the most pressing problems of the developing world It helps to understand structure and functioning of institutions, markets, and policies adopted in the developing countries to accelerate welfare of their citizens The course covers theories of economic growth and models and their application pertaining to contemporary issues of the developing world, such as poverty, income distribution,... emphasis is placed on the application side of this course Participants would make use of statistical softwares to undertake regression analysis Students after the completion of this course are expected to be comfortable in data analysis, apart from contributing to empirical research and analyzing projects Prerequisite for this course is intermediate-level knowledge of calculus, statistics, and economic... this course, students would be comfortable in handling and analyzing data and use of estimation techniques No prerequisite for this course is required However, basic knowledge of statistics will be an added advantage Islamic Economics The main objective of this course is to acquaint students with the economic aspects of Islamic principles and their application to analyze contemporary economic problems... than three courses to specialize in International Economics This new course on WTO has been introduced, which covers trade related aspects in details Beginning from the emergence of GATT and the birth of WTO is analyzed in historical perspective; major trading rules pertaining to WTO are covered An important aspect of this course is that implication of WTO rules are taught not only pertaining to developing... Law; Existence of equilibrium; Stability of equilibrium; Money in a general equilibrium setting Technical and allocative efficiency and case of exchange economy Linear programming technique to general equilibrium theory (Activity Analysis) The Von-Neuman, the input-output Model Pareto optimal principle, production and resource allocation and efficiency of Perfect Competition Measurement of Changes in . 1 | Master of Science (M. Sc. ) Economics AIMS, OBJECTIVES AND LEARNING OUTCOMES Specific aims of the M. Sc. Economics Degree are given below: (i) Development. Credits) M .Sc. thesis will be of 06 credits in lieu of two optional courses. Evaluation of thesis will be done by a Committee consisting of Chairman of the